Since almost the beginning of man, people have been exchanging, bartering, selling and buying to and from each other. There have been many means developed over time for the exchange of value between two or more parties. In most exchanges, there is a set or negotiated value for goods or services whereby, the exchanging parties give and take something between themselves.
The exchange processes of today are much different from those of just 10 years ago. This is due to the flattening of our commerce world and because there are many new technologies that provide us new means to exchange value. Because there are so many more kinds of things of value to today's man, complex exchange processes have evolved that support today's commerce needs.
As in the past and for today, auctions play an important role in our day-to-day exchange of goods and services. Auctioning has been with us for many years however, the auction process has evolved slightly to support e-commerce activities, much like that used on e-bay and other internet auction sites. Today, many companies still conduct traditional auctions for the sale of animals, cars, houses, land and other things. In such auctions, one may purchase or sell something to others through an open and closed bidding process. In an open bidding process, everyone knows what everyone else is offering for an item. In a closed bidding process, no one knows what the other bidders are offering for an item until after the auctions time is closed and all bidder offers are then opened for inspection and validation. Examples of this are; 1.) Cattle auctions, 2.) E-Bay live auctions, 3.) On-line and traditional Sealed Bid Auctions, 4.) Fund Raiser “blind auctions', and open auctions, much like the famous Christie's Auction.
Today, no one has invented a process for selling and buying something whereby, buyers and sellers bids to acquire something is concealed and at the same time, there is a means to provide to a bidder, an indication of how their bid compares other bids. By providing a individual bid performance means for concealed, sealed or closed auction type sales (offers to sell or to purchase) bidders will better understand how their bid stacks up against others, without disclosing actual bid prices. By providing these indications, I have created a new process and dimension to auction process that will have profound affects on such commerce. In essence this process keeps bidders out of the dark, providing just enough information to them to ramp up auction item values. For this reason, I have invented the Concealed Performance Bid.